Inland Revenue receipts jump 35%

The Inland Revenue Department receipts during the January –October 2006 period advanced by 35% YoY to CYP 682.4 mln, the Ministry of Finance reported.

Income tax PAYEE receipts increased by 20% YoY to CYP 173.1 mln, while income tax receipts from self-employed increased by 17% YoY to CYP 21.6 mln. Revenue from Special Contribution for Defence recorded a 32% YoY increase to CYP 116.9 mln, while revenue from Corporation Tax advanced by 38% YoY to CYP 230.0 mln.

The higher Inland Revenue receipts underpins the Government’s increasing efficient tax collection mechanisms and provides positive signals to further improve state finances.